The baysitting coop has a fixed population as well, in the real world more people are added to a population every year and if your GDP is growing every year the economy gets larger and larger, meaning there's more people to supply with coupons and more people to tax..
We don't even "print money" today, we type numbers on a computer screen, most of the "money" doesn't even exist, Most of the actual "money" is sitting in banks.
You forgot the part where the coupon issuer can issue tax on the coupons, they can also lower and raise tax. When you raise the tax less coupons are in circulation, when you lower it more are in circulation, and when you get in a recession the issuer just prints out more to restart the engine.
@fausto412 I have read it. They’re problem was not a liquidity issue. No recession can be cured by printing and spending that money. There is never a lack of demand. People will always want things. The problem is that they can’t afford it, because they don’t make enough money. They don’t make enough money because they not productive enough. If they were to find ways to become more productive, then supply would increase, as would wages, prices would fall and demand would be further satisfied.
Schiff doesn't answer any of the questions the Baby Sitting Co-op poses, he basically rants about how stupid Krugman is without understanding any of the Baby Sitting coop and why it is so enlightening. If you think Krugman is an idiot, consider sometimes idiots don't know when someone else is smart and they are the idiot.
Read the whole thing yourself. Krugman isn't holding that up as an example that printing money works. Poor guy misses the whole point of the story. It is an intellectual exercise. READ it and think on it,
@fausto412 Wow you are completely wrong. Have you read Krugman's book; The Return of Depression Economics? Pg 20 "... it (the solution) was simply because the monetary screwup had been rectified. Recessions, in other words, can be fought simply by printing money—and can sometimes (usually) be cured with surprising ease." His own words. Peter has every right to rant about how stupid Krugman is. Don't just say things that aren't true. Maybe next time you won't embarrass yourself
@pjarosz I have not read his book but I've read his blog and articles for 4 years. Read the baby sitting coop and think, think hard. The reason a recession such as the great recession can be "cured" with not just printing money but actually spending it is because demand is far below the capacity to produce. Businesses won't spend and government is the only one who can borrow to get demand back up. You either spend or wait around while equilibrium is restored sometimes in 2020+
@pjarosz just to clarify, printing the money alone doesn't solve the problem. You have to spend it. You have to get it into the real economy ie people and in a productive way. Since 2008 the monetary base has tripled but that is money sitting on the sidelines. It is money that isn't making it to the people, it isn't building things. It's just created out of thin air by the fed to help banks, not people. bank have no incentive to put the money to work because they collect interest on...
@fausto412 This is exactly what needs to happen during a recession for the economy to be restored to health. Resources that were misallocated have to be reallocated to more efficient means of production. The misallocations will still be present in the system if you increase the money supply. As a result higher prices will ensue. With more money chasing the same amount of goods; you will have higher prices but no change in the satisfied demand for consumers because quantity supplied is the same.
@fausto412 Since the means to produce the goods have gone up as well, the supplier cannot take advantage of the higher price and produce more goods. The end result is that we end up in the same position as we are in now. They gave us bailouts, we spent it, and we are still in recession. Thankfully some of the misallocations were liquidated before the bailouts so we are not in as bad of a shape as we could have been if the bailouts came sooner.
@pjarosz ...reserves which is just plain crazy and because inflation is so low they come out ahead letting it sit even without the interest they collect on excess reserves from the fed. That's why the baby sitting coop calls for something to make money that sits still loose value and encourage people to use it so the economy works. bank's interests are not in line with the overall economy. Krugman and others been on this since 2008.
@ElJefer - I wish that were the case, but it's very rare that I hear austrians acknowledging those other variables, or the reality that deflationary cycles can often be hard to break without increasing liquidity. The austrian school of economics has some good ideas that complement the other schools of thought, but subscribing solely to that line of thinking is doing a disservice to oneself.
all of the austrian arguments about monetary policy imply that increasing the money supply will automatically create inflation. such arguments tend to disregard other variables, like the velocity of money as it moves throughout the economy, and the amount of credit leveraging by banks.
@snowleopardNW Monetary and credit inflation causes price inflation regardless of all other causes or coincidences that may hide or slow the price inflation. Only private money and unregulated banks respond to production instead of politics. Trash the Fed. Tar and feather Bernanke and Geithner and Krugman. Back to gold.
PEOPLE NEED TO SWITCH PARTIES 12 WEEKS IN ADVANCE OF PRIMARIES IN MOST STATES.
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"There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen." How typically myopic of Krugman to focus on the immediate effects rather than the long term consequences.
I LOVE this one! It's perfect. The Nobel Prize winning economist, Paul Krugman, creates the "Babysitting Bubble" ... I wonder how many coupons he had to throw in the fireplace, or does he still have them just in case someone new moves into the neighborhood to whom he can pass them off as having value?
Research the FrankFurt School of Intellectuals on youtube, and the people behind it, whom runs the Federal Reserve and whom forbes said, despite being 2% of the American population, are 50% of the Billionaires.
Why are people arguing about slicing pizza? Well whatever I'll give it a go. Let's say I'm giving out blowjobs for slices of pizza, which are currently cut into quarters. And let's say because I give out more blowjobs than I can eat pizza in a day I accept certificates redeemable for one slice. But if the pizzas are being cut into eighths at the time of redemption I would have basically given a buy one get one deal on blowjobs, and will have to charge more or reduce consumption. Any questions?
Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks.
Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
Minethis1. Do you understand why Europe is in the pickle It's in? Too much government debt. The dollar only became king back in the 40's. That's only 70 years. Civilization has been around 10-15000 years. You sound like the Romans and ottomans.
What would I want more: babysitting-coupons or fed all-things-coupons?
So they can use already checked ideas like work exchanges or maybe - just maybe - currency and they've chosen to print some special coupons (additional costs)???
brilliant analysis - not that Krugman's theories usually take a great deal of brilliance to see through but it is entertaining watching Paul skewer the pompous ass
Now hold on, isn't he a "Nobel Prize" recipient, just like Barack Hussein Obama, & Al Gore?
How dare an average person question any theory's (non fact) that the intellectual elite have composed in their inspired enlightened spiritual minds. Their views are for a better world right?
Or, maybe a better world(financial & recognition) for them.
The guy is so confused. He doesn't know if the coupons are worthless or rising in value - if people hoard them, they rise, but on the next breath he says they are worthless. Next he says, that people started baby sitting because "of course they wanted to accumulate them" - what? worthless coupons? Who works to accumulate worthless stuff? So which is it? Total confusion.
@dzieciaki2010 The coupons are valuable for days like New Year's Eve and less valuable for other days. The fact that different days could not be priced differently (ex. 0.5 coupons for a low demand day, 2.0 coupons for a high demand day) is what caused the problems.
Thanks for posting this for free, Peter. If only I had more time to listen on a regular basis then this would make me buy an annual subscription, for sure.
is Peter obsessed with Paul or something.. he keeps talking about him ALL THE TIME..maybe it's a jealosy thing.. and I only know 'cause I'm Peter's follower and always listen to his radio broadcasts and shows..
@gerwazjana He supports Ron Paul because they have similar economic, and probably foreign policy, views. But I have not noticed an obsession. If you like Peter Schiff, you should definitely look into Ron Paul's campaign.
@gerwazjana Paul is one of the leading intellectual for the Left (noble prize and all), thus needs to be refuted every time, by someone on the right. They can't be ignored. We need intellectuals on the right to provide counter arguments to every leading leftists so that we all become more wiser and educated. Alan Greenspan is another person Peter go after as well
@gerwazjana I think Peter is just trying to point out how overrated Krugman is. How can you blame him when Krugman gets all these things he doesn't deserve...i.e. Nobel Prize, NYT column, etc. Besides, someone needs to correct Krugman's logical fallacies.
that might be a problem with keynesians - they don't understand how things play out in the long run. they think too much in short terms, which is possibly why the obama administration only comes up with more stimulus. it gets a little uptick from the market, but that doesn't last long. economic junkies shooting stimulus up their veins and think all is well when they're high, then depression sinks in when it wears off.
@Minethis1 A seasonal spending increase happens every year for the holiday season. How does spending cause an increase in long-term employment if that spending is short-term? And how does spending alone lead to recovery? We need capital investments in order to increase employments. Consumption spending returned to pre-recession levels long ago, but new investment is still down 78 PERCENT. Source: blog . independent . org /2011/09/09/one-more-time-consumption-spending-has-already-recovered/
it's like you're taking everything your mommy and daddy taught you about making a buck and you're twisting it into something retarded just to refute your parent's teachings because you think you're "on to something". the recession is supposed to be that time of savings, and stimulus prevents savings by encouraging people to take up more debt. it's economic caffeine. what happens when the buzz wears off?
I use too believe about the system crashing and collapsing, but the reality is that the world Central Banks CAN and WILL keep kicking the can down the road forever. Way long after we have expired. Granted, we will have lost many of our liberties by the time we are in our 90's. But the economy will "never collapse" like Peter Schiff keeps spouting as long as they can keep printing digital dollars.
This same example from Paul Krugman is debunked in Gene Callahan's great book Economics for Real people: An Introduction to the Austrian School, published by the Ludwig von Mises Institute. Great!
@silentmajor Because Krugman is a shill for the corporate kleptocracy of crony capitalism and it's fascist statist allies (being awfully redundant there). His nonsense is the justification for the existing system's rape of the poor and middle class so as to subsidize the speculator class and those whose palms they grease. Peter Schiff on the other hand points the finger at all that and threatens to actually restore a sound free market, which the powers that be most emphatically do not want.
I've studied graduate-level macroeconomics some... and I find the things Paul Krugman says to be bizarre. I'm tempted to look up his work that got him the Nobel Prize... because everything I've heard him say is stupid beyond words and shows a complete lack of understanding of basic economic principles.
Keep being this awesome, bro. Your show is at the same time educative and entertaining. Thumbs up. If I were American I'd vote for you and Ron Paul in the upcoming elections.
It's only an ad hominem if he only attacks Krugman personally without addressing the fundamental point. Schiff addressed Krugman's argument; the attacks were just the icing on the cake.
A Nobel Prize in the Economic Idiocy is Proper .... and it adds depth to the real nobel peace prize... a truly nobel person doesn't care about a prize. The prize is the Light of accountability for excellence or the lack there-of in a group or society.
Not to mention the fact there's more than just babysitting in an economy. Obviously it's easy to make a case there's not enough "liquidity" in an economy where there's only one good. Liquidity isn't a problem when there are essentially infinity different goods and services in an economy.
I don't even need evidence to know Krugman is a complete fool. He just interprets simple econ books completely wrong and its time he admit it. He acts as if globalization doesn't exist and/or has no relation to large public sector stimulus. Take your stimulus and shove it. Krugman and his likeness are a joke to economics. I get angry because economics is so damn simple.
Again, brilliant from Peter Schiff. But these youtube clips should be closed for comments. There are so many weak-minded people out there making anonymous comments, I think it should either be closed for comments or better, people should be made using their real names. If that were the case, I don't think we would have to suffer so many stupid and insane comments, often irrelevant to the topic also.
The problem was inherent from the beginning ... applying communist tenants to a capitalist society. Their solution only works when everyone involved is willing to commit to ideology that nobody's time is worth more than theirs and likewise, their time is not worth more than anyone's (time being the "commodity" and "equality" being communist). Perhaps if they issued 2 or more types of coupons, the system could have worked. For example, Friday coupons, Saturday coupons, "Holiday" coupons.
I love it whenever Peter goes after paul. But i dont think paul is an idiot. Nope. Hes a willful misleader. The real idiots are the people that follow him and think hes great.
obviously the problem would be that the value of those crappy coupons went down so they printed more making the value of say 3 coupons on worth the 1 hour of babysitting..........
True value can ONLY be evaluated or based on 'true work' , not printing paper shit
They should have made some "chore" coupons where they could use their kids to do chores within the co-op, that would have increased liquidity. I don't think it's slave labour if it's in coupon form.
The increase in people's desire to offload the coupons (by buying babysitting) would be more than offset by the decrease in people's desire to earn them.
Basically, it's just devaluation, just like currency. If your money becomes less valuable over time, you'll get rid of it more quickly, but stores will raise their prices in response. Except babysitting 'prices' were fixed, leading to a shortage.
@powersvid AFTER you spent the 1st one you were given, you would wait until close to the time you may need the service to earn another.
The person needing the service, would have to wait on the timing of another's potential need. Basically the service wouldn't be available as needed, therefore the coupon would be worthless and another form of currency would be used.
krugman thinks he's living in jew land with the bad ferry blankfien the head toilet face Zionist cracker looking after him. This punk needs to be put on a ship back to israel with some others in the US riding a Rope behind the Ship.
@MajorRugburn What does Schiff and Jesus have to do with what I said? You see this is why People in America can not Stand Zionist Jews who think they're better than the rest of mankind. Too bad about the Piece of shit written in that Boogie Black book telling the Flock of Cocks that the Jews are the chosen ones. What a Joke, chosen for what? Why would anyone want a choice to begin with? Brain Washed. Brain Dead like yourself.
@MajorRugburn Well said :) Peter Schiff good person, economist, and jew, Sir James goldsmith saved UK and also a Jew, Alan Greenspan fucked up the USA and is a jew. how about judging people by what they do :)
Why is it that you all don't own up to the Fact that Not printing is collapsing EZ? Exactly What you pretend to want including Peter Schiff? Instead you run from it like the Plague and pretend it's not even happening?
Is it because you all got were all proven WRONG? Everything you say you believe in just blew you all away with taste of reality!
@Minethis1 Spoken like a true economic illiterate.
Even krugman agrees QE1 and QE2 didn't work, now his claim is the non-falsifiable "it was too small".
What are you suggesting? That if we just have an exponential function of expanding money supply everything will work out fine. Never have any contraction in the money supply, just always inflate it more?
You can't have read the slightest amount of monetary theory, what the hell are you even saying?
@Visfen QE has been a complete success! It is proven just by looking at Europe. Thats why The US is in a position to Bail EZ out today. Had we not printed Today the US would have been a waste land. WE have the Greatest Economy the World has ever seen and that is not going to change in the next 300 years! That I can promise you! I Spit on your person filled with fear, doubt and ignorance.
@Minethis1 Not printing allows for failure in the short-run, which is essential for an economic recovery. You can't allow yourself to be short-sighted and look at one-day market rallies and have an orgy over it. Serious economic progress comes as a result of allowing structural misallocations of resources to be corrected, which is what is happening when bad banks and businesses fail. It lowers prices, allowing for cheap investment opportunities for healthier systems of production.
@32whatsup@Visfen Short SIGHTED! You are INSANE! I have been posting on PS VLOGS for the last 2 YEARS! My message is consistent and 100% accurate! No Hyper, dollar collapse, Bond yield collapse DOW 1000, US decoupling, China selling Dollar, DX .50 are BS JUST LIKE I SAID! You are more than welcome to go back and read them all. You are plagued with fear listening to clueless wana be economist on YouTube! Every day you wake up the rest of your lives you will know I am 100% right!
@Minethis1 YOU were the one practically having an orgasm about the one-day market rally and how "BIG BAD ASS BEN" saved the day somehow. Maybe for just the day, but if you look at how we have been these past four years, there has not been sustained progress--just a few bumps here and there to get people like you excited. We haven't seen a US dollar dive yet because investors have focused on the problems in Europe, and other currencies have been practically racing the US dollar to the bottom.
@32whatsup I am still having an ORGASM from it. Because the Alternative was a collapse from lack of Printing enough EURO's from the EZ! We were weeks away from losing the Worlds 2nd largest economy based on their idiotic stance of not stimulating and imposing Austerity in the face of exploding Bonds yields! If they keep up this lunacy At some point let them go PS and collapse. We will than go in there and pick the meat off their bones and let them do the work of the Chinese for us LOL
@32whatsup US Dollar is King! Always has always will be! No one can match our Economic Power House! No One can Match our Economists! No one can Match our Financial System! Even when things go wrong we are infinitely far better than any other economy in the world! Thats why you and your Cult leader PS is always wrong in predictions and I am always right in my predictions! I am not ignorant to the facts based on emotional fear, uncertainty and doubt! I am an American and Proud of it!
The baysitting coop has a fixed population as well, in the real world more people are added to a population every year and if your GDP is growing every year the economy gets larger and larger, meaning there's more people to supply with coupons and more people to tax..
We don't even "print money" today, we type numbers on a computer screen, most of the "money" doesn't even exist, Most of the actual "money" is sitting in banks.
TheNickk538 2 weeks ago
You forgot the part where the coupon issuer can issue tax on the coupons, they can also lower and raise tax. When you raise the tax less coupons are in circulation, when you lower it more are in circulation, and when you get in a recession the issuer just prints out more to restart the engine.
TheNickk538 2 weeks ago
Krugman is what happens when a socialist becomes an economist.
TWSceptic 3 weeks ago
@fausto412 I have read it. They’re problem was not a liquidity issue. No recession can be cured by printing and spending that money. There is never a lack of demand. People will always want things. The problem is that they can’t afford it, because they don’t make enough money. They don’t make enough money because they not productive enough. If they were to find ways to become more productive, then supply would increase, as would wages, prices would fall and demand would be further satisfied.
pjarosz 1 month ago
Schiff doesn't answer any of the questions the Baby Sitting Co-op poses, he basically rants about how stupid Krugman is without understanding any of the Baby Sitting coop and why it is so enlightening. If you think Krugman is an idiot, consider sometimes idiots don't know when someone else is smart and they are the idiot.
fausto412 1 month ago
This take on the baby sitting co-op is so wrong that it is sad and embarrassing.
slate com/articles/business/the_dismal_science/1998/08/babysitting_the_economy.single.html
Read the whole thing yourself. Krugman isn't holding that up as an example that printing money works. Poor guy misses the whole point of the story. It is an intellectual exercise. READ it and think on it,
fausto412 1 month ago
@fausto412 Wow you are completely wrong. Have you read Krugman's book; The Return of Depression Economics? Pg 20 "... it (the solution) was simply because the monetary screwup had been rectified. Recessions, in other words, can be fought simply by printing money—and can sometimes (usually) be cured with surprising ease." His own words. Peter has every right to rant about how stupid Krugman is. Don't just say things that aren't true. Maybe next time you won't embarrass yourself
pjarosz 1 month ago
@pjarosz I have not read his book but I've read his blog and articles for 4 years. Read the baby sitting coop and think, think hard. The reason a recession such as the great recession can be "cured" with not just printing money but actually spending it is because demand is far below the capacity to produce. Businesses won't spend and government is the only one who can borrow to get demand back up. You either spend or wait around while equilibrium is restored sometimes in 2020+
fausto412 1 month ago
@pjarosz just to clarify, printing the money alone doesn't solve the problem. You have to spend it. You have to get it into the real economy ie people and in a productive way. Since 2008 the monetary base has tripled but that is money sitting on the sidelines. It is money that isn't making it to the people, it isn't building things. It's just created out of thin air by the fed to help banks, not people. bank have no incentive to put the money to work because they collect interest on...
fausto412 1 month ago
@fausto412 This is exactly what needs to happen during a recession for the economy to be restored to health. Resources that were misallocated have to be reallocated to more efficient means of production. The misallocations will still be present in the system if you increase the money supply. As a result higher prices will ensue. With more money chasing the same amount of goods; you will have higher prices but no change in the satisfied demand for consumers because quantity supplied is the same.
pjarosz 1 month ago
@fausto412 Since the means to produce the goods have gone up as well, the supplier cannot take advantage of the higher price and produce more goods. The end result is that we end up in the same position as we are in now. They gave us bailouts, we spent it, and we are still in recession. Thankfully some of the misallocations were liquidated before the bailouts so we are not in as bad of a shape as we could have been if the bailouts came sooner.
pjarosz 1 month ago
@pjarosz ...reserves which is just plain crazy and because inflation is so low they come out ahead letting it sit even without the interest they collect on excess reserves from the fed. That's why the baby sitting coop calls for something to make money that sits still loose value and encourage people to use it so the economy works. bank's interests are not in line with the overall economy. Krugman and others been on this since 2008.
fausto412 1 month ago
freaking hilarious
atticusdeep 2 months ago
It's true. This is a perfect micro-example of the failure of central planning. LOL!!!
TimothyADonaghue 2 months ago
@ElJefer - I wish that were the case, but it's very rare that I hear austrians acknowledging those other variables, or the reality that deflationary cycles can often be hard to break without increasing liquidity. The austrian school of economics has some good ideas that complement the other schools of thought, but subscribing solely to that line of thinking is doing a disservice to oneself.
snowleopardNW 2 months ago
In debt? Print money. Inflation? Increase interest rates. Deflation? Decrease interest rates. Booms and busts? Borrow money. In debt? Print money. Inflation? Increase interest rates. Deflation? Decrease interest rates. Booms and busts? Borrow money. In debt? Print money. Inflation? Increase interest rates. Deflation? Decrease interest rates. Booms and busts?
ElJefer 2 months ago
Even when Peter is drunk off his gourd he'll easily defeat economic ignoramuses B^|
Sinisterene 2 months ago 7
all of the austrian arguments about monetary policy imply that increasing the money supply will automatically create inflation. such arguments tend to disregard other variables, like the velocity of money as it moves throughout the economy, and the amount of credit leveraging by banks.
snowleopardNW 2 months ago
@snowleopardNW They do not disregard the variables, it's an all-else-held-equal argument.
ElJefer 2 months ago
@snowleopardNW Monetary and credit inflation causes price inflation regardless of all other causes or coincidences that may hide or slow the price inflation. Only private money and unregulated banks respond to production instead of politics. Trash the Fed. Tar and feather Bernanke and Geithner and Krugman. Back to gold.
TeaParty1776 2 months ago
Peter! I'm reporting you to the ASPCA for picking on a poor ignorant ferret!
ElNeedle 2 months ago 17
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It's not enough to say "Vote Ron Paul"
DO A SEARCH FOR "BLUE REPUBLICAN!"
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IF YOU ARE NOT REGISTERED REPUBLICAN YOU CANNOT VOTE IN PRIMARY.
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Premier112 2 months ago
Devastating!
StanWarford 2 months ago
"There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen." How typically myopic of Krugman to focus on the immediate effects rather than the long term consequences.
weavermama 2 months ago
Peter appears to be very drunk in this video.
fosterchild4523 2 months ago
@fosterchild4523 I've never seen a drunk this coherent and sensible.
mrfresh976 2 months ago
Comment removed
Appitjuh 2 months ago
"Babysitting coupon liquidity problem" Oh man, I heard that and I could not stop laughing for a full minute!
matti1003 2 months ago
Tell Krugmon to stop shitting on our heads and saying here your roof or pissing down our backs and saying its raining.
MrSpan0701 2 months ago
I LOVE this one! It's perfect. The Nobel Prize winning economist, Paul Krugman, creates the "Babysitting Bubble" ... I wonder how many coupons he had to throw in the fireplace, or does he still have them just in case someone new moves into the neighborhood to whom he can pass them off as having value?
CynthiaNeun 2 months ago
Paul Krugman is also Jewish.
Research the FrankFurt School of Intellectuals on youtube, and the people behind it, whom runs the Federal Reserve and whom forbes said, despite being 2% of the American population, are 50% of the Billionaires.
CelticAngloPress 2 months ago
"They don't have a liquidity problem, they have a STUpidity problem" I laughed my ass of when he said that.
david52875 2 months ago
I love how Peter refuses to pronounce Krugman's last name correctly.
publicanimal 3 months ago
@publicanimal Nevermind, he slips at the end of the video and pronounces it correctly as KROOG-MIN
publicanimal 3 months ago
Why are people arguing about slicing pizza? Well whatever I'll give it a go. Let's say I'm giving out blowjobs for slices of pizza, which are currently cut into quarters. And let's say because I give out more blowjobs than I can eat pizza in a day I accept certificates redeemable for one slice. But if the pizzas are being cut into eighths at the time of redemption I would have basically given a buy one get one deal on blowjobs, and will have to charge more or reduce consumption. Any questions?
PumpkinJoe999 3 months ago
@PumpkinJoe999 Yes I have a question pls. How many certificates do you charge for a BJ now and where can I get my hands on a coupon :)
(This assumes you are female of course)
aussiesam01 3 months ago
Who issued those coupons [who got the free ride]?
jcvjcvjcvjcv 3 months ago in playlist Meer video's van SchiffReport
Extremely smart guy!
TheEFR2011 3 months ago 2
They hyperinflated babysitting coupons
Lengarces 3 months ago
They hyperinflated babysitting coupons LOL
Lengarces 3 months ago
Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks.
marksuave25 3 months ago
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Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
marksuave25 3 months ago
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Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
marksuave25 3 months ago
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Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
marksuave25 3 months ago
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Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
marksuave25 3 months ago
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Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
marksuave25 3 months ago
Xpressurs. You are a racist, how makes people who are libertarian look like idiots. Since you are the super smart white man; please stop all the grammatical errors in your rants. Learn how to spell and write a coherent sentence before you criticize blacks. Also I love how racist talk tough on the internet, but never in real life.
marksuave25 3 months ago
Peter DON'T BE SO CRUEL
smartiepancake 3 months ago
Minethis1. Do you understand why Europe is in the pickle It's in? Too much government debt. The dollar only became king back in the 40's. That's only 70 years. Civilization has been around 10-15000 years. You sound like the Romans and ottomans.
marksuave25 3 months ago
Call that new Nobel Prize the Krugman Award.
pepeledog 3 months ago
What would I want more: babysitting-coupons or fed all-things-coupons?
So they can use already checked ideas like work exchanges or maybe - just maybe - currency and they've chosen to print some special coupons (additional costs)???
grraadd 3 months ago
brilliant analysis - not that Krugman's theories usually take a great deal of brilliance to see through but it is entertaining watching Paul skewer the pompous ass
bakeja1 3 months ago
Now hold on, isn't he a "Nobel Prize" recipient, just like Barack Hussein Obama, & Al Gore?
How dare an average person question any theory's (non fact) that the intellectual elite have composed in their inspired enlightened spiritual minds. Their views are for a better world right?
Or, maybe a better world(financial & recognition) for them.
The lies we believe
raskel71 3 months ago
"It's not a liquidity problem, it's a stupidity problem" - LOL :-)
BjarkeEbert 3 months ago
Paul Krookman
rockstarr469 3 months ago
So Krugman just got owned... by himself!
MetalHeadViking 3 months ago
I expect Krugman to use this to show that competing currencies dont work and that Ron Paul is crazy. I also expect libtard readers to agree. :((((
Voy2378 3 months ago
I had a vision of wheelbarrows full of babysitting coupons.
TheSunergizer 3 months ago
Hide :)
weavermama 3 months ago
Krugman's ignorance is the product of long study. The beard is just there to hid the drool.
weavermama 3 months ago
Krugman has the entire Babysitters Club book collection.
takerdust 3 months ago
(This comment has been removed by the U.S. Government)
frank1es83 3 months ago 2
The guy is so confused. He doesn't know if the coupons are worthless or rising in value - if people hoard them, they rise, but on the next breath he says they are worthless. Next he says, that people started baby sitting because "of course they wanted to accumulate them" - what? worthless coupons? Who works to accumulate worthless stuff? So which is it? Total confusion.
dzieciaki2010 3 months ago
@dzieciaki2010 The coupons are valuable for days like New Year's Eve and less valuable for other days. The fact that different days could not be priced differently (ex. 0.5 coupons for a low demand day, 2.0 coupons for a high demand day) is what caused the problems.
32whatsup 3 months ago
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Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world
OddRobb 3 months ago
@OddRobb Better yet, give the man a job as a politician, he will rob us all blind and people like you will fight for his right to do so.
jkessler410 3 months ago
Thanks for posting this for free, Peter. If only I had more time to listen on a regular basis then this would make me buy an annual subscription, for sure.
rbarrettiii 3 months ago
you are so.... red!
fifaps3gaming 3 months ago
Don't feed @Minethis.......It will just bring more trolls
66chevyo 3 months ago
@66chevyo You mean more truth and accurate forecasting.
Minethis1 2 months ago
"they didn't have a liquidity problem, they had a stupidity problem"
HAHAHA!
MindlessGlitch 3 months ago 2
is Peter obsessed with Paul or something.. he keeps talking about him ALL THE TIME..maybe it's a jealosy thing.. and I only know 'cause I'm Peter's follower and always listen to his radio broadcasts and shows..
gerwazjana 3 months ago
@gerwazjana he didn't mention Paul in this video..
MindlessGlitch 3 months ago
@MindlessGlitch he mentioned an article written by him.. same thing
gerwazjana 3 months ago
@gerwazjana He supports Ron Paul because they have similar economic, and probably foreign policy, views. But I have not noticed an obsession. If you like Peter Schiff, you should definitely look into Ron Paul's campaign.
polarbearanne 3 months ago
@polarbearanne I meant Paul Krugman, not Ron Paul
gerwazjana 3 months ago
@gerwazjana Paul is one of the leading intellectual for the Left (noble prize and all), thus needs to be refuted every time, by someone on the right. They can't be ignored. We need intellectuals on the right to provide counter arguments to every leading leftists so that we all become more wiser and educated. Alan Greenspan is another person Peter go after as well
outforsushi 3 months ago
@gerwazjana
Pretty sure Peter was Ron Pauls economic advisor when he ran in 08
Equity213 3 months ago
@gerwazjana I think Peter is just trying to point out how overrated Krugman is. How can you blame him when Krugman gets all these things he doesn't deserve...i.e. Nobel Prize, NYT column, etc. Besides, someone needs to correct Krugman's logical fallacies.
32whatsup 3 months ago
that might be a problem with keynesians - they don't understand how things play out in the long run. they think too much in short terms, which is possibly why the obama administration only comes up with more stimulus. it gets a little uptick from the market, but that doesn't last long. economic junkies shooting stimulus up their veins and think all is well when they're high, then depression sinks in when it wears off.
ThaigerDon 3 months ago
@SchiffReport Is Krugman a stupid economist or a smart crook?
fnuzzoiv 3 months ago
@Minethis1 A seasonal spending increase happens every year for the holiday season. How does spending cause an increase in long-term employment if that spending is short-term? And how does spending alone lead to recovery? We need capital investments in order to increase employments. Consumption spending returned to pre-recession levels long ago, but new investment is still down 78 PERCENT. Source: blog . independent . org /2011/09/09/one-more-time-consumption-spending-has-already-recovered/
32whatsup 3 months ago
Hell yeah!
Ron Paul 2012!
johammbass 3 months ago
it's like you're taking everything your mommy and daddy taught you about making a buck and you're twisting it into something retarded just to refute your parent's teachings because you think you're "on to something". the recession is supposed to be that time of savings, and stimulus prevents savings by encouraging people to take up more debt. it's economic caffeine. what happens when the buzz wears off?
ThaigerDon 3 months ago
Can't wait to hear about today's stock market boom predicting next week's bust. Upload a video Schiff!
gotitans999 3 months ago
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I use too believe about the system crashing and collapsing, but the reality is that the world Central Banks CAN and WILL keep kicking the can down the road forever. Way long after we have expired. Granted, we will have lost many of our liberties by the time we are in our 90's. But the economy will "never collapse" like Peter Schiff keeps spouting as long as they can keep printing digital dollars.
jcattera 3 months ago
Maybe they could hire some of his alien friends to babysit.
javabarbarian 3 months ago
This same example from Paul Krugman is debunked in Gene Callahan's great book Economics for Real people: An Introduction to the Austrian School, published by the Ludwig von Mises Institute. Great!
jaimepanama 3 months ago
why don't they just fire Krugman and replace him with Schiff
silentmajor 3 months ago
@silentmajor Because Krugman is a shill for the corporate kleptocracy of crony capitalism and it's fascist statist allies (being awfully redundant there). His nonsense is the justification for the existing system's rape of the poor and middle class so as to subsidize the speculator class and those whose palms they grease. Peter Schiff on the other hand points the finger at all that and threatens to actually restore a sound free market, which the powers that be most emphatically do not want.
Panpiper 3 months ago
@Panpiper darn I knew it just couldn't be that simple;0) thanks for the responce
silentmajor 3 months ago
If 9/11 helped the US economy why doesn't he do his patriotic duty and go blow up a building in every city in America to help save the economy?
Redeye1524 3 months ago
Krugman is a dolt. Stupid people look up to this idiot thinking he knows more than they do (hint: he doesn't).
Robocain1 3 months ago
Mr Schiff you got me rolling on the damn floor over here. :claps:
butcherGEIN 3 months ago 10
I've studied graduate-level macroeconomics some... and I find the things Paul Krugman says to be bizarre. I'm tempted to look up his work that got him the Nobel Prize... because everything I've heard him say is stupid beyond words and shows a complete lack of understanding of basic economic principles.
OneCerebralSamurai 3 months ago
ba bubble bubble, ba ba bubble bubble... Ha, kidding, love ya pete!
frankiebaby725 3 months ago
Keep being this awesome, bro. Your show is at the same time educative and entertaining. Thumbs up. If I were American I'd vote for you and Ron Paul in the upcoming elections.
TheOneEd83 3 months ago
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@XESTISS I'm wasting my time replying to you, but I just had to tell you this. You do not have a clue what you are talking about.
Joe11Blue 3 months ago
More ad homiem attacks please!
BUCollegeDems 3 months ago
@BUCollegeDems
It's only an ad hominem if he only attacks Krugman personally without addressing the fundamental point. Schiff addressed Krugman's argument; the attacks were just the icing on the cake.
Unless, of course, you're being sarcastic.
EliteKiller07 3 months ago
A Nobel Prize in the Economic Idiocy is Proper .... and it adds depth to the real nobel peace prize... a truly nobel person doesn't care about a prize. The prize is the Light of accountability for excellence or the lack there-of in a group or society.
TheGCW 3 months ago
Hey peter. Nobel committee should be put to shame. Get the nobel committee bankrupt! we need a people like you .
come to bangalore.
Our PM in india is from same bunch of idiotic keynesian
lakshmineuroscience 3 months ago
@lakshmineuroscience - OMG! Keynesian economics even in India? The whole world has gone crazy!! I want Peter to come to Canada.
texndaisy 3 months ago
Not to mention the fact there's more than just babysitting in an economy. Obviously it's easy to make a case there's not enough "liquidity" in an economy where there's only one good. Liquidity isn't a problem when there are essentially infinity different goods and services in an economy.
RKAddict101 3 months ago
Great analogy Peter!
mannyvelo 3 months ago
For Nobel laureate Paul Krugman to hit a new low is a new high.
Lurie2010 3 months ago
Paper: the cause and solution to all of life's problems.
bttalbot 3 months ago
can we all nominate you for Treasury Secretary after Ron Paul wins the presidency in 2012?
TroySmithforD 3 months ago
I don't even need evidence to know Krugman is a complete fool. He just interprets simple econ books completely wrong and its time he admit it. He acts as if globalization doesn't exist and/or has no relation to large public sector stimulus. Take your stimulus and shove it. Krugman and his likeness are a joke to economics. I get angry because economics is so damn simple.
paynesm2 3 months ago
@paynesm2 Yea, Krugman is such an enigma. Nothing he writes would even garner an A at a community college.
Y2kplaya92 3 months ago
Again, brilliant from Peter Schiff. But these youtube clips should be closed for comments. There are so many weak-minded people out there making anonymous comments, I think it should either be closed for comments or better, people should be made using their real names. If that were the case, I don't think we would have to suffer so many stupid and insane comments, often irrelevant to the topic also.
Reidar911 3 months ago
I am glad to finally start seeing some of you get it! Thx for the PM 's! ;)
Minethis1 3 months ago
The problem was inherent from the beginning ... applying communist tenants to a capitalist society. Their solution only works when everyone involved is willing to commit to ideology that nobody's time is worth more than theirs and likewise, their time is not worth more than anyone's (time being the "commodity" and "equality" being communist). Perhaps if they issued 2 or more types of coupons, the system could have worked. For example, Friday coupons, Saturday coupons, "Holiday" coupons.
FSTCUGR 3 months ago
krugman is zionist jew, peter jew, big difference
cetnik03 3 months ago
you're really red-y there Peter
popocake 3 months ago
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Enemy of Greece, Ireland,Italy,Spain & USA - Jew
1.Goldman Sachs CEO, Lyold Blankfein - Jew
2.IMF Deputy CEO, John Lisky - Jew
3.Ex IMF CEO, Dominic Strauss-Jew
4.World Bank CEO, Robert Zoellick-Jew
5.Ex World Bank CEO, James Woolfesen-Jew
6.Fed Chairman, Ben Bernanke-Jew
7.Ex Fed Chairman, Alan Greenspan-Jew
8.Obama Treasury Secretary, Tim Geithner-Jew
9.George Bush Treasury Secretary, Hank Paulson-Jew
Stevie68000 3 months ago
"Babysitting bubble" I've heard it all now.
god0fgod 3 months ago
Hilarious!
Ydonkov 3 months ago
I'm told that Krugman is hiring a bunch of people to dress up as aliens ...
0muffins0 3 months ago 15
I love it whenever Peter goes after paul. But i dont think paul is an idiot. Nope. Hes a willful misleader. The real idiots are the people that follow him and think hes great.
Vote Ron Paul!
Vote UKIP!
AtheistThatsATheist 3 months ago
a new low for Krugman. lol. very true.
DontMeanWell 3 months ago
indeed major ...the numbers of unabashed, neo hitler jugend in these YT coments sections ,is quite alarming and rather depressing too..
woodenmajor 3 months ago
@StatelessEuphoria
Yep, that's what I was going for when I commented. Silly Krugman...
powersvid 3 months ago
@Appitjuh
Of course, but it's probably the only way that entire example would make sense. If you don't use it, you lose it. Think grocery store.
Now if the Gov't mandated that people either spend or invest their money by a certain date or it's no good, things certainly would be interesting.
powersvid 3 months ago
You sound angry and cynical.
KhanneaSuntzu 3 months ago
@KhanneaSuntzu Wow, really? Great observation! How can someone not be angry at something that is so ridiculously stupid.
zdrux 3 months ago
obviously the problem would be that the value of those crappy coupons went down so they printed more making the value of say 3 coupons on worth the 1 hour of babysitting..........
True value can ONLY be evaluated or based on 'true work' , not printing paper shit
dobberdoss 3 months ago
"They don't have a liquidity problem. They have a stupidity problem". HA ha. Classic.
smuralisankar 3 months ago 18
Good one, just like Bar stool economics!
cutejoker69 3 months ago
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They should have made some "chore" coupons where they could use their kids to do chores within the co-op, that would have increased liquidity. I don't think it's slave labour if it's in coupon form.
69iron69 3 months ago
Epic debate: Krackman vs Schiff... Someone please make it happen
tenaciousj54 3 months ago
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69iron69 3 months ago
What if the coupons had expiration dates?
powersvid 3 months ago
@powersvid Nobody would like to own a coupon that will become worthless at some point.
Appitjuh 3 months ago
@powersvid
The increase in people's desire to offload the coupons (by buying babysitting) would be more than offset by the decrease in people's desire to earn them.
Basically, it's just devaluation, just like currency. If your money becomes less valuable over time, you'll get rid of it more quickly, but stores will raise their prices in response. Except babysitting 'prices' were fixed, leading to a shortage.
StatelessEuphoria 3 months ago
@powersvid AFTER you spent the 1st one you were given, you would wait until close to the time you may need the service to earn another.
The person needing the service, would have to wait on the timing of another's potential need. Basically the service wouldn't be available as needed, therefore the coupon would be worthless and another form of currency would be used.
The same ends.
antimarxism 3 months ago
there's something wrong with Paul Krugman. lucky he has Peter Schiff to help him.
hume1234561 3 months ago
And That's the Straight Shrift from Shiff Folks!!
seshta 3 months ago
@seshta u mean schiff
flahr1 3 months ago
I think Alan's Greenspan idea of buying up all the houses and destroying it give this idea some competition
outforsushi 3 months ago
HAhahaha!!! Always knew Krugman was an elitest retard but never thought he was this dumb :)
kristoffertm 3 months ago
PRINT DA MONAY
BRING DA PARTAY
TheBlitz1 3 months ago 2
@TheBlitz1 lol
xjustin523x 3 months ago
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Fuckin JEW!
GOLDSILVERDUDE 3 months ago
hey hey hey peter why are you letting logic get in the way of agendas? lets not let reason and those pesky facts get in the way
mayoustard 3 months ago
Sweetie stop the tanning booth.
mkmason2002 3 months ago
Krugmonics = bubble economics.
SamuelMoralesJr 3 months ago
“The problem with the world is that the intelligent people are full of doubts while the stupid ones are full of confidence.” ~ Charles Bukowski
MajorRugburn 3 months ago 2
SCHIFF FOR SENATE!!!
0HippyHunter0 3 months ago 42
Krugman always looks incredibly strung out on coke or meth or something. Nobody has eyes that glassey without some help.
CaptainLazerus 3 months ago
Have Schiff and Krugboy ever had a debate?
CRAPCANNONS 3 months ago
The babysitter who worked her ass of and saved up coupons ended up wasting her/his time for a bunch of useless paper. PEFECT ANALOGY
natritious1 3 months ago 3
Peter have you ever invited him to debate you? You really should, or you should try and actually write an article for the NY Times or Huff Post.
13lackLight 3 months ago
krugman thinks he's living in jew land with the bad ferry blankfien the head toilet face Zionist cracker looking after him. This punk needs to be put on a ship back to israel with some others in the US riding a Rope behind the Ship.
BabylonsKing 3 months ago
@BabylonsKing and Peter Schiff is a Jew too, and so was Jesus - YOU STUPID MOTHERFUCKING NAZI BASTARD.
SERIOUSLY, WHAT THE FUCK DOES BEING JEWISH HAS TO DO WITH ANYTHING?!
MajorRugburn 3 months ago 36
@MajorRugburn
The Jewish Talmud curse Christians and non - Jew. This is racism too and may I know what is your opinion on this despicable racism by the Jews.
Stevie68000 3 months ago
@MajorRugburn What does Schiff and Jesus have to do with what I said? You see this is why People in America can not Stand Zionist Jews who think they're better than the rest of mankind. Too bad about the Piece of shit written in that Boogie Black book telling the Flock of Cocks that the Jews are the chosen ones. What a Joke, chosen for what? Why would anyone want a choice to begin with? Brain Washed. Brain Dead like yourself.
BabylonsKing 3 months ago
@MajorRugburn Well said :) Peter Schiff good person, economist, and jew, Sir James goldsmith saved UK and also a Jew, Alan Greenspan fucked up the USA and is a jew. how about judging people by what they do :)
garethmdawson 3 months ago
@BabylonsKing Omg, please choke on your own stupidity.
Visfen 3 months ago
Why is it that you all don't own up to the Fact that Not printing is collapsing EZ? Exactly What you pretend to want including Peter Schiff? Instead you run from it like the Plague and pretend it's not even happening?
Is it because you all got were all proven WRONG? Everything you say you believe in just blew you all away with taste of reality!
Minethis1 3 months ago
@Minethis1 Spoken like a true economic illiterate.
Even krugman agrees QE1 and QE2 didn't work, now his claim is the non-falsifiable "it was too small".
What are you suggesting? That if we just have an exponential function of expanding money supply everything will work out fine. Never have any contraction in the money supply, just always inflate it more?
You can't have read the slightest amount of monetary theory, what the hell are you even saying?
Oh wait, I forgot, you're a troll.
Visfen 3 months ago 2
@Visfen QE has been a complete success! It is proven just by looking at Europe. Thats why The US is in a position to Bail EZ out today. Had we not printed Today the US would have been a waste land. WE have the Greatest Economy the World has ever seen and that is not going to change in the next 300 years! That I can promise you! I Spit on your person filled with fear, doubt and ignorance.
Minethis1 3 months ago
@Minethis1 Not printing allows for failure in the short-run, which is essential for an economic recovery. You can't allow yourself to be short-sighted and look at one-day market rallies and have an orgy over it. Serious economic progress comes as a result of allowing structural misallocations of resources to be corrected, which is what is happening when bad banks and businesses fail. It lowers prices, allowing for cheap investment opportunities for healthier systems of production.
32whatsup 3 months ago
@32whatsup @Visfen Short SIGHTED! You are INSANE! I have been posting on PS VLOGS for the last 2 YEARS! My message is consistent and 100% accurate! No Hyper, dollar collapse, Bond yield collapse DOW 1000, US decoupling, China selling Dollar, DX .50 are BS JUST LIKE I SAID! You are more than welcome to go back and read them all. You are plagued with fear listening to clueless wana be economist on YouTube! Every day you wake up the rest of your lives you will know I am 100% right!
Minethis1 3 months ago
@Minethis1 YOU were the one practically having an orgasm about the one-day market rally and how "BIG BAD ASS BEN" saved the day somehow. Maybe for just the day, but if you look at how we have been these past four years, there has not been sustained progress--just a few bumps here and there to get people like you excited. We haven't seen a US dollar dive yet because investors have focused on the problems in Europe, and other currencies have been practically racing the US dollar to the bottom.
32whatsup 3 months ago
@32whatsup I am still having an ORGASM from it. Because the Alternative was a collapse from lack of Printing enough EURO's from the EZ! We were weeks away from losing the Worlds 2nd largest economy based on their idiotic stance of not stimulating and imposing Austerity in the face of exploding Bonds yields! If they keep up this lunacy At some point let them go PS and collapse. We will than go in there and pick the meat off their bones and let them do the work of the Chinese for us LOL
Minethis1 3 months ago
@32whatsup US Dollar is King! Always has always will be! No one can match our Economic Power House! No One can Match our Economists! No one can Match our Financial System! Even when things go wrong we are infinitely far better than any other economy in the world! Thats why you and your Cult leader PS is always wrong in predictions and I am always right in my predictions! I am not ignorant to the facts based on emotional fear, uncertainty and doubt! I am an American and Proud of it!
Minethis1 3 months ago
@Minethis1 proud of an america with too many niggers.
turning into the new africa.let us see america in 2050.
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